FxWirePro: USD/CAD trades lower on NAFTA optimism, good to sell on rallies
USD/CAD has declined almost more than 150 pips in this week from the high of 1.29407. The pair hits low of 1.27750 at the time of writing. The major dip was due to rising optimism in NAFTA trade deal. The pair shown a mi…
USD/CAD has declined almost more than 150 pips in this week from the high of 1.29407. The pair hits low of 1.27750 at the time of writing. The major dip was due to rising optimism in NAFTA trade deal. The pair shown a minor recovery after slightly better than expected US ADP employment data. The pair hits intraday high of 1.28467 and is currently trading around 1.28360.
Oil price has declined more than $1 from the today’s high of $63.39 on expectations of rise in U.S inventories as reported by Energy Information Administration (EIA). The commodity hits low of $62.08 and is currently trading around $62.24.
Technically near term resistance is around 1.2860 and any break above targets 1.2920/1.2950. Overall bullish continuation only above 1.3125.
On the lower side, near term support is around 1.2780 and any break below will drag the pair down till 1.2760/1.2700.
It is good to sell on rallies around 1.2865-70 with SL around 1.2925 for the TP of 1.2780/1.2725.
